Target CEO Brian Cornell on $15 federal minimum wage debate

About This Source - CNBC Television

CNBC is an American pay television business news channel, which primarily carries business day coverage of U.S. and international financial markets. Following the end of the business day and on non-trading days, CNBC primarily carries financial and business-themed documentaries and reality shows.

As of February 2015, CNBC is available to approximately 93,623,000 pay television households (80.4% of households with television) in the United States.

Recent from CNBC Television:

  • Glenview Trust’s Bill Stone on the names he’s watching in the market
  • Sonder CEO on the rebound the company is seeing in travel booking demand
  • Why this investor likes Apple, Alphabet over Microsoft
  • CNBC Television published this video item, entitled “Target CEO Brian Cornell on $15 federal minimum wage debate” – below is their description.

    Target CEO Brian Cornell joined “Squawk Box” on Tuesday to discuss the company’s thoughts on the Democrats’ push for a $15 federal minimum wage and what it may mean for business and employee retention. To see the full interview with Cornell sign up for a free trial to CNBC Pro: https://cnb.cx/3kLl7oU

    Target said Tuesday that it hopes to build on its recent growth by investing about $4 billion annually over the next several years to speed along new stores, remodel existing ones and increase its ability to quickly fulfill online orders.

    Investors and analysts were left without a key piece of information, however: an outlook for the year. The company declined to provide guidance, saying Covid-19 made it difficult to predict consumer spending.

    Shares were down nearly 5% early Tuesday, despite Target beating fourth-quarter earnings expectations.

    At a virtual investor day on Tuesday, Target CEO Brian Cornell made the case that the retailer’s recent results aren’t a pandemic-related blip but the payoff of its long-term business strategy. He pointed to investments and decisions it has made over the past five years such as its growing collection of private-label brands, its partnerships with popular national brands and using its stores as hubs to fulfill online orders.

    “Far from being a fluke, this performance is further proof that we built a business model that is working as intended, one that puts Target in a category of its own,” Cornell said.

    He told investors that continued uncertainty won’t distract the company in the coming months.

    “I recognize the frustration, not being more precise, particularly on the top line as we think about sales, but I can guarantee you our entire leadership team and every part of this organization is focused on retaining and growing market share, no matter what the variables are we have to face,” Cornell said.

    Target’s next steps will include opening 30 to 40 new stores each year. Some of these stores will be near college campuses and in major cities such as New York, Los Angeles and Portland.

    It will add two distribution centers and try out faster, tech-enabled ways to restock shelves. And it will test new hubs that sort packages, freeing up time for employees to pick and pack online orders and help the company design more cost-efficient delivery routes.

    With the moves, Chief Financial Officer Michael Fiddelke said the retailer will “play offense and lean into the opportunity to build on last year’s momentum.”

    Target has stood out from retail rivals during the pandemic. As shoppers consolidated trips, they spent more money at fewer places where they found a wide range of items. As shoppers prioritized safety, they gravitated toward contactless approaches such as picking up online purchases in the parking lot. As consumers spent more time at home, they directed more of their dollars toward items that helped them work, learn and relax. Those factors have benefited the big-box retailer.

    The company’s 2020 sales grew by more than $15 billion — greater than its total sales growth over the prior 11 years. It has gained about $9 billion in market share across its categories during the fiscal year.

    » Subscribe to CNBC TV: https://cnb.cx/SubscribeCNBCtelevision

    » Subscribe to CNBC: https://cnb.cx/SubscribeCNBC

    » Subscribe to CNBC Classic: https://cnb.cx/SubscribeCNBCclassic

    Turn to CNBC TV for the latest stock market news and analysis. From market futures to live price updates CNBC is the leader in business news worldwide.

    The News with Shepard Smith is CNBC’s daily news podcast providing deep, non-partisan coverage and perspective on the day’s most important stories. Available to listen by 8:30pm ET / 5:30pm PT daily beginning September 30: https://www.cnbc.com/2020/09/29/the-news-with-shepard-smith-podcast.html?__source=youtube%7Cshepsmith%7Cpodcast

    Connect with CNBC News Online

    Get the latest news: http://www.cnbc.com/

    Follow CNBC on LinkedIn: https://cnb.cx/LinkedInCNBC

    Follow CNBC News on Facebook: https://cnb.cx/LikeCNBC

    Follow CNBC News on Twitter: https://cnb.cx/FollowCNBC

    Follow CNBC News on Instagram: https://cnb.cx/InstagramCNBC

    https://www.cnbc.com/select/best-credit-cards/

    #CNBC

    #CNBCTV

    CNBC Television YouTube Channel

    Got a comment? Leave your thoughts in the comments section, below. Please note comments are moderated before publication.

    In This Story: COVID-19

    Covid-19 is the official WHO name given to the novel coronavirus which broke out in late 2019 and began to spread in the early months of 2020.

    Symptoms of coronavirus

    The main symptoms of coronavirus are:

    • a persistent new cough (non productive, dry)
    • a high temperature (e.g. head feels warm to the touch)
    • shortness of breath (if this is abnormal for the individual, or increased)

    Latest News about Covid-19

    Below are stories from around the globe related to the 2020 outbreak of novel Coronavirus – since the WHO gave the Covid-19 naming. Most recent items are posted nearest the top.

    5 Recent Items: COVID-19

  • UK’s Johnson urges caution on drawing conclusions from falling Covid-19 cases • FRANCE 24 English
  • Covid-19: Sydney Lockdown Extended as Delta Surge Worsens
  • Le parcours d’un vaccin contre la COVID-19
  • The rapid COVID tests with results in just 15 minutes | 7NEWS
  • Путь к разработке вакцины против COVID-19
  • In This Story: Democrats

    “Democrats” usually refers to the The Democratic Party of the United States – one of the two major political parties in the country, along with its main, historic rival, the Republican Party.

    It was founded on 8th January 1828 and has its contemporary headquarters in Washington, D.C., United States. The present leadership is Nancy Pelosi (Party leader) and Jaime Harrison (Party chair).

    2 Recent Items: Democrats

  • Tyrus: Democrats are ‘unapologetically’ dumb
  • Republicans vs. Democrats: Do you remember the blame game over COVID?
  • Leave a Comment